Elliott waves analysis – Expect a possible move towards 110.362.

USDJPY – Down

Expect a possible move towards 110.362.

Wave Analysis

According to the 4 hour chart attached, the US Dollar is currently trading with an increasing bullish bias momentum. While the price is above the supportive trendline and also above the Envelopes indicator, we expect a possible steep rise towards 110.362. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and may break above 110.362 towards 113.770. As it is, sell positions looks a bit risky and can only be recommended below this year’s lowest low.

Trade Recommendations:

Expect a possible move towards 110.362.

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